The first port of call for any potential investor should be a British Franchise Association (bfa) franchise seminar. These take place at venues all over the country throughout the year.
Tom Endean, marketing manager for the bfa, said: “These are not sales courses, nor are they marketing or finance courses, and they will not provide you with a formula that will guarantee you riches. However, what they will do is provide you with the insight and knowledge to ask the right questions and take a systematic and thoughtful approach to franchising.”
“Prospective bfa franchisee seminars provide you with confidence to seriously consider franchise opportunities with focus and meaning. They allow you to think about some of the main considerations you need to make in regards to the franchise and yourself. Being your own boss is an appealing concept, but it does not come without hard work and commitment,” he says.
The one day seminars include talks and presentations from several industry experts, including representatives of the bfa and the high street banks who will shed some light on the structure of franchising and the key considerations, as well as the planning implications and raising finance.
Current franchisees from different franchise companies are also on hand to provide a firsthand account of their own experiences in starting their business, while leading franchisors will explain the franchisee selection and recruitment processes. There is also a brief introduction to the franchise agreement.
Whatever industry you are considering, there are several key criteria and questions that you need to consider and ask. Not only will you need to know the important questions, but you also need to know about the steps required before you actually start your first day of work as a franchisee. Becoming a franchisee is a big commitment, so it is critical that you do everything possible to make an informed decision.
“Attending an educational seminar does not mean that you don’t have to do your own research and due diligence, but it does give you a solid foundation and sense of direction,” said Mr Endean. “Given the size and the diversity of the franchising industry, for someone new to the concept, a small amount of knowledge can go a long way.”
For information on seminar dates and venues and general information on franchising, visit www.thebfa.org